ING Investments, LLC, et al.; Notice of Application, 12407-12408 [E9-6391]
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Federal Register / Vol. 74, No. 55 / Tuesday, March 24, 2009 / Notices
consideration of the matter raised in
each docket.
2. Pursuant to 39 U.S.C. 505, Paul L.
Harrington is appointed to serve as
officer of the Commission (Public
Representative) to represent the
interests of the general public in these
proceedings.
3. Comments by interested persons in
these proceedings are due no later than
March 25, 2009.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Steven W. Williams,
Secretary.
[FR Doc. E9–6419 Filed 3–23–09; 8:45 am]
BILLING CODE 7710–FW–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request; Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
mstockstill on PROD1PC66 with NOTICES
Extension:
Rule 23c–1; SEC File No. 270–253; OMB
Control No. 3235–0260.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Rule 23c–1 (17 CFR 270.23c–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a), among other things,
permits a closed-end fund to repurchase
its securities for cash if in addition to
the other requirements set forth in the
rule: (i) Payment of the purchase price
is accompanied or preceded by a written
confirmation of the purchase; (ii) the
asset coverage per unit of the security to
be purchased is disclosed to the seller
or his agent; and (iii) if the security is
a stock, the fund has, within the
preceding six months, informed
stockholders of its intention to purchase
stock. Commission staff estimates that
approximately 36 closed-end funds rely
on Rule 23c–1 annually to undertake
324 repurchases of their securities.
Commission staff estimates that, on
average, a fund spends 2.5 hours to
comply with the paperwork
VerDate Nov<24>2008
01:06 Mar 24, 2009
Jkt 217001
requirements listed above each time it
undertakes a security repurchase under
the rule. Commission staff thus
estimates the total annual burden of the
rule’s paperwork requirements is 810
hours.
In addition, the fund must file with
the Commission a copy of any written
solicitation to purchase securities given
by or on behalf of the fund to 10 or more
persons. The copy must be filed as an
exhibit to Form N–CSR (17 CFR 249.331
and 274.128). The burden associated
with filing Form N–CSR is addressed in
the submission related to that form.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules and forms.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of
the collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information collected; and (d)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
Please direct your written comments
to Charles Boucher, Director/CIO,
Securities and Exchange Commission,
C/O Shirley Martinson, 6432 General
Green Way, Alexandria, VA 22312; or
send an e-mail to:
PRA_Mailbox@sec.gov.
Dated: March 18, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6406 Filed 3–23–09; 8:45 am]
BILLING CODE 8010–01–P
12407
Act of 1940 (‘‘Act’’) for an exemption
from rule 12d1–2(a) under the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit funds of
funds relying on rule 12d1–2 under the
Act to invest in certain financial
instruments.
Applicants: ING Investments, LLC
(‘‘IIL’’), Directed Services, LLC (‘‘DSL’’),
ING Investment Management Co.
(‘‘IIM’’), ING Funds Distributor, LLC
(‘‘IFD’’) and ING Investors Trust, ING
Partners, Inc., ING Mutual Funds, ING
Series Funds, Inc., and ING Strategic
Allocation Portfolios, Inc. (collectively,
the ‘‘Trusts’’).
Filing Dates: The application was
filed on June 4, 2008, and amended on
March 13, 2009.
Hearing or Notification of Hearing: An
order granting the application will be
issued unless the Commission orders a
hearing. Interested persons may request
a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on April 13, 2009 and
should be accompanied by proof of
service on applicants, in the form of an
affidavit or, for lawyers, a certificate of
service. Hearing requests should state
the nature of the writer’s interest, the
reason for the request, and the issues
contested. Persons who wish to be
notified of a hearing may request
notification by writing to the
Commission’s Secretary.
ADDRESSES: Secretary, Securities and
Exchange Commission, 100 F Street,
NE., Washington, DC 20549–1090;
Applicants, c/o Huey P. Falgout, Jr., ING
Investments, LLC, 7337 E. Doubletree
Ranch Road, Scottsdale, AZ 85258.
FOR FURTHER INFORMATION CONTACT:
Lewis Reich, Senior Counsel, at (202)
551–6919, or Janet M. Grossnickle,
Assistant Director, at (202) 551–6821
(Division of Investment Management,
Office of Investment Company
Regulation).
The
following is a summary of the
application. The complete application
may be obtained for a fee at the
Commission’s Public Reference Room,
100 F Street, NE., Washington, DC
20549–1520 (telephone (202) 551–5850).
SUPPLEMENTARY INFORMATION:
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
28650; 812–13538]
ING Investments, LLC, et al.; Notice of
Application
March 17, 2008.
AGENCY: Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
Applicants’ Representations
1. ING Investors Trust is organized as
a Massachusetts business trust. ING
Mutual Funds is organized as a
Delaware statutory trust. Each of the
other Trusts is organized as a Maryland
corporation. Each Trust is registered
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12408
Federal Register / Vol. 74, No. 55 / Tuesday, March 24, 2009 / Notices
mstockstill on PROD1PC66 with NOTICES
under the Act as an open-end
management investment company. Each
of IIL, DSL and IIM and is registered as
an investment adviser under the
Investment Advisers Act of 1940, as
amended, and currently serves as an
investment adviser or sub-adviser to
existing series of the Trust. IFD, a
Delaware corporation, is registered as a
broker-dealer under the Securities
Exchange Act of 1934, as amended
(‘‘Exchange Act’’). IFD currently serves
as the distributor of the existing series
of the Trust. The Trusts and each
existing or future registered open-end
management investment company or
series thereof that is in the same group
of investment companies, as defined in
section 12(d)(1)(G)(ii) of the Act, as the
Trusts and that is advised by IIL, DSL
or IIM or any entity controlling,
controlled by or under common control
with IIL, DSL or IIM (the ‘‘Advisers’’),
together with series of the Trusts are
referred to as the ‘‘Funds.’’ Applicants
request the exemption to the extent
necessary to permit any Fund that may
invest in other funds in reliance on
Section 12(d)(1)(G) of the Act, and
which is also eligible to invest in
securities (as defined in section 2(a)(36)
of the Act) in reliance on rule 12d1–2
under the Act, to also invest, to the
extent consistent with its investment
objective, policies, strategies and
limitations, in financial instruments that
may not be securities within the
meaning of section 2(a)(36) of the Act
(‘‘Other Investments’’).1
2. Consistent with its fiduciary
obligations under the Act, each Fund’s
board of trustees or directors will review
the advisory fees charged by the Fund’s
investment adviser to ensure that they
are based on services provided that are
in addition to, rather than duplicative
of, services provided pursuant to the
advisory agreement of any investment
company in which the Fund may invest.
Applicants’ Legal Analysis
1. Section 12(d)(1)(A) of the Act
provides that no registered investment
company (‘‘acquiring company’’) may
acquire securities of another investment
company (‘‘acquired company’’) if such
securities represent more than 3% of the
acquired company’s outstanding voting
stock or more than 5% of the acquiring
company’s total assets, or if such
securities, together with the securities of
other investment companies, represent
more than 10% of the acquiring
1 Every existing entity that currently intends to
rely on the requested order is named as an
applicant. Any existing or future entity that relies
on the order in the future will do so only in
accordance with the terms and condition in the
application.
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01:06 Mar 24, 2009
Jkt 217001
company’s total assets. Section
12(d)(1)(B) of the Act provides that no
registered open-end investment
company may sell its securities to
another investment company if the sale
will cause the acquiring company to
own more than 3% of the acquired
company’s voting stock, or cause more
than 10% of the acquired company’s
voting stock to be owned by investment
companies.
2. Section 12(d)(1)(G) of the Act
provides that section 12(d)(1) will not
apply to securities of an acquired
company purchased by an acquiring
company if: (i) the acquiring company
and acquired company are part of the
same group of investment companies;
(ii) the acquiring company holds only
securities of acquired companies that
are part of the same group of investment
companies, government securities, and
short-term paper; (iii) the aggregate sales
loads and distribution-related fees of the
acquiring company and the acquired
company are not excessive under rules
adopted pursuant to section 22(b) or
section 22(c) of the Act by a securities
association registered under section 15A
of the Exchange Act or by the
Commission; and (iv) the acquired
company has a policy that prohibits it
from acquiring securities of registered
open-end management investment
companies or registered unit investment
trusts in reliance on section 12(d)(1)(F)
or (G) of the Act.
3. Rule 12d1–2 under the Act permits
a registered open-end investment
company or a registered unit investment
trust that relies on section 12(d)(1)(G) of
the Act to acquire, in addition to
securities issued by another registered
investment company in the same group
of investment companies, government
securities, and short-term paper: (1)
Securities issued by an investment
company that is not in the same group
of investment companies, when the
acquisition is in reliance on section
12(d)(1)(A) or 12(d)(1)(F) of the Act; (2)
securities (other than securities issued
by an investment company); and (3)
securities issued by a money market
fund, when the investment is in reliance
on rule 12d1–1 under the Act. For the
purposes of rule 12d1–2, ‘‘securities’’
means any security as defined in section
2(a)(36) of the Act.
4. Section 6(c) of the Act provides that
the Commission may exempt any
person, security, or transaction from any
provision of the Act, or from any rule
under the Act, if such exemption is
necessary or appropriate in the public
interest and consistent with the
protection of investors and the purposes
fairly intended by the policies and
provisions of the Act.
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Frm 00106
Fmt 4703
Sfmt 4703
5. Applicants state that the proposed
arrangement would comply with the
provisions of rule 12d1–2 under the Act,
but for the fact that the Funds may
invest a portion of their assets in Other
Investments. Applicants request an
order under section 6(c) of the Act for
an exemption from rule 12d1–2(a) to
allow the Funds to invest in Other
Investments. Applicants assert that
permitting the Funds to invest in Other
Investments as described in the
application would not raise any of the
concerns that the requirements of
section 12(d)(1) were designed to
address.
Applicants’ Condition
Applicants agree that the order
granting the requested relief will be
subject to the following condition:
Applicants will comply with all
provisions of rule 12d1–2 under the Act,
except for paragraph (a)(2) to the extent
that it restricts any Fund from investing
in Other Investments as described in the
application.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–6391 Filed 3–23–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59589; File No. SR–BX–
2009–016]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to the
$1 Strike Price Program on the Boston
Options Exchange Facility
March 17, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 16,
2009, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
from interested persons.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\24MRN1.SGM
24MRN1
]]>Agencies
[Federal Register Volume 74, Number 55 (Tuesday, March 24, 2009)]
[Notices]
[Pages 12407-12408]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-6391]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 28650; 812-13538]
ING Investments, LLC, et al.; Notice of Application
March 17, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from rule 12d1-2(a)
under the Act.
-----------------------------------------------------------------------
Summary of Application: Applicants request an order to permit funds of
funds relying on rule 12d1-2 under the Act to invest in certain
financial instruments.
Applicants: ING Investments, LLC (``IIL''), Directed Services, LLC
(``DSL''), ING Investment Management Co. (``IIM''), ING Funds
Distributor, LLC (``IFD'') and ING Investors Trust, ING Partners, Inc.,
ING Mutual Funds, ING Series Funds, Inc., and ING Strategic Allocation
Portfolios, Inc. (collectively, the ``Trusts'').
Filing Dates: The application was filed on June 4, 2008, and
amended on March 13, 2009.
Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on April 13, 2009 and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.
ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants, c/o Huey P. Falgout, Jr.,
ING Investments, LLC, 7337 E. Doubletree Ranch Road, Scottsdale, AZ
85258.
FOR FURTHER INFORMATION CONTACT: Lewis Reich, Senior Counsel, at (202)
551-6919, or Janet M. Grossnickle, Assistant Director, at (202) 551-
6821 (Division of Investment Management, Office of Investment Company
Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549-1520 (telephone (202) 551-5850).
Applicants' Representations
1. ING Investors Trust is organized as a Massachusetts business
trust. ING Mutual Funds is organized as a Delaware statutory trust.
Each of the other Trusts is organized as a Maryland corporation. Each
Trust is registered
[[Page 12408]]
under the Act as an open-end management investment company. Each of
IIL, DSL and IIM and is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended, and currently serves as an
investment adviser or sub-adviser to existing series of the Trust. IFD,
a Delaware corporation, is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended (``Exchange Act''). IFD
currently serves as the distributor of the existing series of the
Trust. The Trusts and each existing or future registered open-end
management investment company or series thereof that is in the same
group of investment companies, as defined in section 12(d)(1)(G)(ii) of
the Act, as the Trusts and that is advised by IIL, DSL or IIM or any
entity controlling, controlled by or under common control with IIL, DSL
or IIM (the ``Advisers''), together with series of the Trusts are
referred to as the ``Funds.'' Applicants request the exemption to the
extent necessary to permit any Fund that may invest in other funds in
reliance on Section 12(d)(1)(G) of the Act, and which is also eligible
to invest in securities (as defined in section 2(a)(36) of the Act) in
reliance on rule 12d1-2 under the Act, to also invest, to the extent
consistent with its investment objective, policies, strategies and
limitations, in financial instruments that may not be securities within
the meaning of section 2(a)(36) of the Act (``Other Investments'').\1\
---------------------------------------------------------------------------
\1\ Every existing entity that currently intends to rely on the
requested order is named as an applicant. Any existing or future
entity that relies on the order in the future will do so only in
accordance with the terms and condition in the application.
---------------------------------------------------------------------------
2. Consistent with its fiduciary obligations under the Act, each
Fund's board of trustees or directors will review the advisory fees
charged by the Fund's investment adviser to ensure that they are based
on services provided that are in addition to, rather than duplicative
of, services provided pursuant to the advisory agreement of any
investment company in which the Fund may invest.
Applicants' Legal Analysis
1. Section 12(d)(1)(A) of the Act provides that no registered
investment company (``acquiring company'') may acquire securities of
another investment company (``acquired company'') if such securities
represent more than 3% of the acquired company's outstanding voting
stock or more than 5% of the acquiring company's total assets, or if
such securities, together with the securities of other investment
companies, represent more than 10% of the acquiring company's total
assets. Section 12(d)(1)(B) of the Act provides that no registered
open-end investment company may sell its securities to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or cause more than
10% of the acquired company's voting stock to be owned by investment
companies.
2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1)
will not apply to securities of an acquired company purchased by an
acquiring company if: (i) the acquiring company and acquired company
are part of the same group of investment companies; (ii) the acquiring
company holds only securities of acquired companies that are part of
the same group of investment companies, government securities, and
short-term paper; (iii) the aggregate sales loads and distribution-
related fees of the acquiring company and the acquired company are not
excessive under rules adopted pursuant to section 22(b) or section
22(c) of the Act by a securities association registered under section
15A of the Exchange Act or by the Commission; and (iv) the acquired
company has a policy that prohibits it from acquiring securities of
registered open-end management investment companies or registered unit
investment trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
3. Rule 12d1-2 under the Act permits a registered open-end
investment company or a registered unit investment trust that relies on
section 12(d)(1)(G) of the Act to acquire, in addition to securities
issued by another registered investment company in the same group of
investment companies, government securities, and short-term paper: (1)
Securities issued by an investment company that is not in the same
group of investment companies, when the acquisition is in reliance on
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (2) securities (other
than securities issued by an investment company); and (3) securities
issued by a money market fund, when the investment is in reliance on
rule 12d1-1 under the Act. For the purposes of rule 12d1-2,
``securities'' means any security as defined in section 2(a)(36) of the
Act.
4. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction from any provision of the Act, or
from any rule under the Act, if such exemption is necessary or
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policies and
provisions of the Act.
5. Applicants state that the proposed arrangement would comply with
the provisions of rule 12d1-2 under the Act, but for the fact that the
Funds may invest a portion of their assets in Other Investments.
Applicants request an order under section 6(c) of the Act for an
exemption from rule 12d1-2(a) to allow the Funds to invest in Other
Investments. Applicants assert that permitting the Funds to invest in
Other Investments as described in the application would not raise any
of the concerns that the requirements of section 12(d)(1) were designed
to address.
Applicants' Condition
Applicants agree that the order granting the requested relief will
be subject to the following condition:
Applicants will comply with all provisions of rule 12d1-2 under the
Act, except for paragraph (a)(2) to the extent that it restricts any
Fund from investing in Other Investments as described in the
application.
For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-6391 Filed 3-23-09; 8:45 am]
BILLING CODE 8010-01-P
